Bill Miller Miller Value Partners
Bill Miller is a legendary value-oriented investor best known for a long streak of beating the S&P 500 while managing Legg Mason Value Trust, and later for Miller Value Partners. His process has always been flexible, incorporating both traditional value and growth-at-a-reasonable-price ideas when fundamentals support them. Miller remains a closely followed voice for contrarian equity ideas.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bausch Health
BHC
|
+$7.38M |
| 2 |
EIGI
Endurance International Group Holdings, Inc.
EIGI
|
+$5.05M |
| 3 |
The GEO Group
GEO
|
+$2.6M |
| 4 |
PhenixFIN
PFX
|
+$1.95M |
| 5 |
FTAI Aviation
FTAI
|
+$912K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$22.9M |
| 2 |
Alibaba
BABA
|
+$15.8M |
| 3 |
Stellantis
STLA
|
+$3.04M |
| 4 |
Lennar Class A
LEN
|
+$2.99M |
| 5 |
LRFC
Logan Ridge Finance Corp
LRFC
|
+$2.43M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.04% |
| 2 | Consumer Discretionary | 12.88% |
| 3 | Healthcare | 9.99% |
| 4 | Industrials | 9.5% |
| 5 | Communication Services | 8.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
Apple
AAPL
$4.51T
| $401M | 16.41% |
14,178,800
-1,400,000
| -9% | -$37.1M |
|
2
CALL
Amazon
AMZN
$2.79T
| $207M | 8.48% |
4,946,000
-2,162,000
| -30% | -$82.7M |
|
3
OneMain Financial
OMF
$7.27B
| $87.6M | 3.59% |
2,830,350
-4,125
| -0.1% | -$119K |
|
4
Precigen
PGEN
$2.58B
| $86.2M | 3.53% |
3,102,599
+2,976
| +0.1% | +$78.7K |
|
|
QUOT
5
DELISTED
Quotient Technology Inc
QUOT
| $83.6M | 3.42% |
6,282,625
-156,800
| -2% | -$2.08M |
|
6
NXP Semiconductors
NXPI
$56.9B
| $82.1M | 3.36% |
804,925
-1,825
| -0.2% | -$155K |
|
7
Delta Air Lines
DAL
$54.2B
| $79.2M | 3.24% |
2,012,950
-1,200
| -0.1% | -$45.4K |
|
|
P
8
DELISTED
Pandora Media Inc
P
| $78.7M | 3.22% |
5,494,625
-48,450
| -0.9% | -$654K |
|
9
Pultegroup
PHM
$24.6B
| $77.9M | 3.19% |
3,889,150
-73,075
| -2% | -$1.51M |
|
10
Genworth Financial
GNW
$3.73B
| $77.8M | 3.19% |
15,692,250
+61,700
| +0.4% | +$237K |
|
|
TWTR
11
CALL
DELISTED
Twitter, Inc.
TWTR
| $77.7M | 3.18% |
3,370,000
-249,000
| -7% | -$4.69M |
|
12
American Airlines Group
AAL
$9.15B
| $73.6M | 3.02% |
2,011,650
-2,675
| -0.1% | -$94.5K |
|
13
United Airlines
UAL
$36.7B
| $70.5M | 2.89% |
1,344,025
+325
| +0% | +$15.6K |
|
|
14
Lennar Class A
LEN
$21B
| $68.4M | 2.8% |
1,696,183
-67,551
| -4% | -$2.99M |
|
15
MGIC Investment
MTG
$6.34B
| $65.1M | 2.66% |
8,132,900
+26,550
| +0.3% | +$197K |
|
16
Bank of America
BAC
$431B
| $61.1M | 2.5% |
3,901,775
| – | – |
|
17
Element Solutions
ESI
$8.6B
| $58.7M | 2.4% |
7,241,175
-17,700
| -0.2% | -$158K |
|
|
JPM.WS
18
DELISTED
JPMorgan Chase
JPM.WS
| $57.5M | 2.35% |
2,334,275
-6,200
| -0.3% | -$145K |
|
|
19
Bausch Health
BHC
$2.41B
| $56.3M | 2.3% |
2,291,400
+285,100
| +14% | +$7.38M |
|
|
EIGI
20
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $53.9M | 2.21% |
6,165,375
+606,275
| +11% | +$5.05M |
|
21
Citigroup
C
$221B
| $47.5M | 1.95% |
1,005,600
| – | – |
|
|
TWTR
22
DELISTED
Twitter, Inc.
TWTR
| $42.4M | 1.74% |
1,839,049
-20,650
| -1% | -$389K |
|
|
TMHC
23
DELISTED
Taylor Morrison
TMHC
| $39.2M | 1.6% |
2,226,525
| – | – |
|
24
Gilead Sciences
GILD
$181B
| $37.2M | 1.52% |
470,550
-10,000
| -2% | -$812K |
|
|
NSM
25
DELISTED
Nationstar Mortgage Holdings
NSM
| $35.5M | 1.46% |
2,400,350
| – | – |
|
Similar funds
Bill Miller's Q3 2016 Portfolio in Review
As of Q3 2016, Bill Miller held 67 positions worth $2.44B, up 9.2% from $2.24B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Bill Miller withdrew a net $165M in Q3 2016, closing 3 positions and reducing 21 holdings. Its most notable exit was Alibaba, an estimated $15.8M position sold in full.
By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Bill Miller opened a new position in The GEO Group worth $2.19M.
- Bill Miller's largest Q3 2016 buy was The GEO Group: 138,000 shares worth $2.19M.
- Bill Miller added most to Bausch Health in Q3 2016, an estimated $7.38M increase.
- Bill Miller's biggest Q3 2016 reduction was Cigna, cutting an estimated $22.9M.
- Bill Miller fully exited Alibaba in Q3 2016, selling an estimated $15.8M.
- Bill Miller's ten largest holdings make up 52% of its $2.44B portfolio in Q3 2016.
- Bill Miller opened 2 new positions and closed 3 in Q3 2016.
- Bill Miller's portfolio value rose 9.2% quarter-over-quarter to $2.44B.
Based on Miller Value Partners's 13F filing for Q3 2016, filed 14 Nov 2016.